DOJ panel subpoenaes Legacy Group founder, execs

MANILA, Philippines - The Department of Justice (DOJ) has subpoenaed the officers and employees of Legacy Group in connection with the alleged diversion of funds using fake loans that led to the firm’s collapse. Provincial Prosecutor Emmanuel Velasco said respondents, led by its founding chairman Celso de los Angeles Jr., have been given 30 days to reply to the complaints filed by several private complainants and the Bangko Sentral ng Pilipinas (BSP). Velasco is the chairman of the panel of prosecutors investigating the charges of syndicated estafa and falsification of public documents filed against the officials of Legacy Group. Velasco said simultaneous preliminary hearings will be conducted by DOJ prosecutors starting on the first week of March in Luzon, Visayas and Mindanao. He said they are still in the process of gathering all the complaints against the Legacy Group. “We have already started sending out subpoenas. We have divided the prosecutors into three groups: Luzon Visayas and Mindanao. We will set simultaneous hearings so that the complainants and witnesses will not have to all go here at the DOJ," he said. To expedite the preliminary hearings, Velasco said Justice Secretary Raul Gonzalez has issued Department Order No. 84 designating more state prosecutors and prosecuting attorney to assist in the preliminary investigation of the case and to file appropriate charges against the accused if the evidence would warrant it. Gonzalez has also directed the panel to consolidate all three complaints against Legacy. Aside from De los Angeles, also named in the complaints are his wife, Ma. Concepcion, son Niccolo Martin, mother Purita, brother Victorino, and several other officers of Legacy Group identified as Christine Limpin, Madeline Cobarrubias, Norman Tiongson, Carolina Hiñola, Rita Maniacup, Basilio Ponciano Carpio, Ariel Isberto, Agnes Santiago and Namnam Pasetes-Santos. Last January 5, the BSP filed 118 counts of falsification of public documents against 18 employees and agents of four rural banks under the Legacy Group, which collapsed due to questionable bank practices, namely, the Rural Bank of Paranaque, Rural Bank of DARBCI in South Cotabato, Rural Bank of San Jose in Batangas and Bank of East Asia. The four rural banks were among the 12 Legacy banks placed by BSP under receivership because of failure to service withdrawals and for engaging in unsafe and unsound banking practices. The latest wave of charges was a result of BSP investigations showing that the four Legacy banks had declared fictitious loans. - GMANews.TV